Personal Liability for Corporate Fault Reform Bill 2012

Summary

Implements the Council of Australian Governments’ directors’ liability reform by amending: the Corporations Act 2001 to: remove the personal criminal liability of company secretaries for certain offences and replace it with a civil liability; and impose a penalty for a breach of the civil liability; the Foreign Acquisitions and Takeovers Act 1975 to provide that only an officer of a corporation who authorised or permitted the commission of an offence by that corporation is personally liable for the breach; the Health Insurance Act 1973 to remove the personal criminal liability on company officers of the proprietor of a private hospital who wilfully authorises or permits the bribery of a medical practitioner, midwife or nurse by their corporation, where the officer has not personally been responsible for the offence; the National Vocational Education and Training Regulator Act 2011 to limit the circumstances when executive officers including directors can be personally liable for certain offences of the company; the Therapeutic Goods Act 1989 to: remove the personal liability of executive officers for certain offences of a body corporate; and remove the automatic application of derivative liability; and 10 other Acts to align them with the principles and guidelines for the imposition of personal criminal liability for corporate fault.

Schedules of amendments

Bills digest

Notes

An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament

Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.

As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.

Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.

Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.